Active buying of the dollar put pressure on the ruble

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After an aggressive flight from risk triggered by the inversion of the yield curve of US bonds and weak statistics from China and Germany, risk assets attempting a rebound, and with them and Russian markets, including the ruble. However, the dollar on the eve of “pierced” the mark 66 RUB for the first time since March, after the morning pullback continues upward movement, increasing the prospects of our currency.
In Russia today marks the start of the tax period, but at the initial stage it has no significant effect on the ruble, and the current world market situation does not allow to speak about the growth of the attractiveness of the assets of the emerging segment as a whole. Moreover, the oil market continues to show vulnerability, and prices fall mainly due to external stimuli, whereas the branch signals in the form of growth stocks in the U.S. added to the negative. This further puts pressure on the Russian currency, especially in conditions of stability of the dollar.
Established in the morning a delicate balance on the trading floors may at any time again be replaced by evasion of risks in the use of protective dollar, the yen and gold. Thus, the threat of re-testing the level of 66 RUB is saved and in case of breaking this milestone the dollar will be aimed at the area of 66,20 RUB In the short term on the dynamics of the pair will affect the report on U.S. retail sales. If the performance is disappointing, the ruble will be chance for partial rehabilitation.
Gennady Nikolaev
Academy of management Finance and investment